Need to sell your home quickly but it needs repairs. Don’t have the time or money to do the work before selling? These 5 tips will help you in selling your home “as is”.
Not everyone has the time or money to make repairs before selling their home. Everyone’s situation is different. Perhaps the sale is due to divorce or a death in the family. Or maybe you just accepted a job offer in another state or got laid off. At the Fred Delgado Real Estate Group, we understand that when selling your home there is not a one size fits all solution. So, if you need to sell “as is”, the following 5 tips should help you prepare and plan to do just that.
Tip #1 – Be Honest In Advertising
You don’t want to omit or deceive about details regarding the house or property. Sellers sometimes think that buyers won’t buy if you are honest. That just isn’t the case. Most often, buyers appreciate going into a deal knowing that the seller is being honest. If you omit information and it is found during inspection, often the house goes back on the market and you are at square one again.
Tip #2 – Inspect and Disclose
You may want to consider a pre-inspection so you can disclose any potential issues you are unaware of. Of course, you want to disclose what you already know. However, there are things you may not know that could become an issue down the road. Buyers might be deterred, but it’s better to tell them up front than waste time going through the motions and them canceling your contract later.
Tip #3 – Discount or Credit For Repairs
One way to attract more buyers when a house needs repairs would be to discount the price or give a credit for repairs. If you price the house below market value and disclose the house needs work, you could get more offers than you think. This could drive the offer prices up due to more interest and competition.
Tip #4 – Target Cash Buyers and Investors
If you make it clear that the house has potential, is an investor special, etc. You will attract buyers that have cash and fully expect to do work to the property. The downside is they MAY offer far less than what you hope for. It is a tradeoff.
Tip #5 – Consider Doing Some Repairs
If you want to attract the largest buyer pool and not just investors, consider doing some repairs. Buyers who get a mortgage are sometimes at the mercy of the mortgage company. If they are doing an FHA or VA loan, the lender may require certain repairs before issuing the loan. For example, it might sound silly but missing downspouts or chipped/peeling paint can be a red flag. Making these small repairs could make all the difference.
Final Thoughts – If selling your home “as is” seems like your only option, these tips should help in planning and preparing for the process. However, if you want more detailed information about all of your selling options and how to get repairs done before selling, the Fred Delgado Real Estate Group is here to help. Contact us for a FREE consultation!